Looking for a BMW? You can buy or lease one directly from BMW Financial Services: a finance service in the U.S. that is part of the BMW group.
But will it offer you the best deal? That’s what we are here to find out.
In this in-depth review, we’ll walk through the ins and outs of BMW Financial Services so you can decide if it’s the right solution for you.
BMW Financial Services overview
BMW Financial Services (BMW FS) offers the following three financing options:
First, you can lease a new BMW for a set term and will only pay for the portion of the vehicle’s value that you use. When the lease ends, you can turn the vehicle in and walk away, lease it again, trade it in for another BMW, or buy it at a set agreement price.
2) Traditional Financing
Terms up to 72 months are available, down payments are not always required, the interest rates are competitive, and buyers can customize their financing.
3) BMW Select
Lastly, you have the option to go with BMW Select. What is BMW Select? BMW Select financing is a unique program offers the benefits of both leasing and traditional financing. A portion of the purchase balance is added to the end of the contract (balloon payment), so the monthly payments are reduced.
At the end of the contract, you can refinance the remaining amount or pay it off.
What are BMW CPO vehicles?
For a vehicle to be considered Certified and for BMW of North America LLC to back it, it must be inspected, reconditioned, and approved by the BMW inspection team.
The requirements include an exceptional maintenance history, a clean CARFAX report, genuine BMW parts, and between 300 and 60,000 miles on the odometer.
What are the benefits? Each CPO vehicle comes with a one-year, unlimited-mile warranty which begins when the BMW New Vehicle/SAV Limited Warranty expires.
Additionally, drivers get roadside assistance and alternative transportation when their vehicle is being serviced.
Now that you know the basic offerings let’s take a look at the BMW FS website.
BMW Financial Services website tools and resources
This company has adapted to the internet age and offers online tools and resources. As a result, customers can sort out much of the vehicle shopping process before they step foot in the dealership.
Here are some of the main tools:
BMW has promotions available in the U.S., and you can view them all in the “Current Offers” section. Search by zip code, vehicle, body style, and model year.
Search dealer inventories nationwide
Aside from the special deals, you can view the inventories of dealers across the country.
Build your own BMW
In addition to searching through the current offers and dealer inventories, you can also build your own vehicle. Select the make, model, color, upholstery, trim, and more.
Once you finish, select a dealer, and your build request will be sent to them. They will contact you to let you know the next steps.
Schedule a test drive
You can also schedule a test drive online. You’ll choose the vehicle you are interested in, choose a BMW Center near you, and provide your contact information. Then, the dealer will contact you to work out the details.
Find a dealer
Simply type in your zip code, and you will get a list of dealerships near you. You can then click on one to see specific information about the dealership (i.e., contact details, hours of operation, services, directions, and more).
Figure out your vehicle’s trade-in value
If you are thinking of trading in your current vehicle and want to know the current market value, BMW FS directs you to Black Book to get an estimate.
Estimate monthly payments
Customers can also view their estimated monthly payments. This tool requires you to enter the vehicle model, state of purchase, estimated trade-in value, cost of dealer accessories, down payment amount, term, interest rate (for purchases), and mileage (for leases).
Note, the estimated payment doesn’t include title, license, registration, documentary fees, and applicable taxes.
In addition to these tools, there are also resources such as digital owner’s manuals, warranty information, protection products, software update, how-to videos, safety recalls, and more.
Next, let’s look at how you can save when purchasing through BMW Financial.
- Current offers: The current offers include vehicles with promotions such as a $1,500 credit toward the price of the car.
- Military Salute: Eligible military service members can save up to $2,000 when leasing or buying a new BMW.
- College Graduate: Eligible working college graduates can save up to $1,000 on a new or Certified Pre-Owned BMW.
- BMW Mobility Program: Customers who need to modify their vehicle by adding adaptive equipment can get reimbursed for their expenses (up to $2,500).
Check with your local dealer to find out if they offer these programs and if you qualify. Now, let’s look at the company’s customer support.
BMW Financial Customer Service
BMW Financial has a customer relations phone line which offers customer support. Additionally, it has a Genius Hotline, which is dedicated to answering questions about new products.
Here’s the contact information:
BMW financial services contact phone number: 1-800-831-1117
BMW Genius Hotline: 1-844-4GENIUS
BMW financial services address:
BMW of North America, LLC
300 Chestnut Ridge Road
Woodcliff Lake, NJ 07677-7731
If you prefer to self-serve, you can also create a MyBMW account. There, you can view information about your account, make payments, download driver’s guides, and more.
Unfortunately, many customers have reported difficulties when trying to resolve problems with the company.
Get a quote
Are you interested in financing through BMW Financial Services? Here’s how you can get a quote online.
Visit the website, select “Shopping Tools,” and click on “Get a Quote.”
Choose the vehicle you want.
Select a BMW Center near you.
Provide your contact details.
After this step, your request will go to the dealer you select, and they will contact you to provide the quote. If you like what you hear and want to apply, here’s how you can do so on the website.
You can apply for online as an individual (not a business), and your application will result in a hard credit inquiry on your credit report.
Applicants must choose the BMW Center where they plan to buy the car, and the application will only be valid at that location. The approval is also subject to the final vehicle selection and financing structure.
If a higher loan amount ends up being needed, applicants may have to submit additional documentation. Also, note that approval for a particular vehicle doesn’t guarantee a dealer will have it in stock.
It’s best to contact the BMW Center you plan to visit in advance to check their available inventory.
Here’s how to apply.
Visit the website, select “Shopping Tools,” and click “Apply for financing.”
Verify you aren’t a robot.
Choose the vehicle and the dealer you want.
Select the financing product in which you are interested.
Choose whether you are applying alone or with someone else. Then, enter your personal information.
Provide your address information.
Share your financial details.
And that’s it. You’ll review the information, agree to the terms and conditions, and submit your application. Shortly after, you’ll find out if you are approved.
Now that you know the details of this company and what it can offer, is it right for you?
BMW Financial Services: Is it right for you?
For starters, let’s review the pros and cons.
Compare the pros and cons to make a better decision.
- The full application is available online
- Sign up to get a quote online
- Many helpful tools and resources online
- Competitive interest rates
- BMW Select financing option
- Large inventory of BMW vehicles nationwide (new and Certified Pre-Owned)
- Promotional offers and special programs
- Reports of poor customer service
- Only BMWs
- No online pre-qualification that won’t impact your credit
- Limited to a network of dealers
FAQ on BMW Financial Services
What credit score is needed for BMW Financial?
Applicants with a credit score of at least 650 and up to 850 are eligible for BMW Financial Services. The minimum age to be eligible is 18 or the state minimum, whichever is higher.
Does BMW Financial Services refinance?
BMW Select financing is a unique program offers the benefits of both leasing and traditional financing. A portion of the purchase balance is added to the end of the contract (balloon payment), so the monthly payments are reduced. At the end of the contract, you can refinance the remaining amount or pay it off.
Does BMW Financial accept credit cards?
You can make a payment with your debit card, but they do not accept credit cards for regular monthly payments.
BMW uses Experian ONLY?
BMW uses only Experian on the initial inquiry to determine your Credit Tier and debt obligations. Your Tier impacts your rate/MF and how much advance above MSRP they will allow. After the initial inquiry, a dealer can submit an alternate bureau that has a higher score to move up your Tier, if applicable and subject to BMWFS approval.
What is BMW balloon financing?
Balloon payments on a car loan allow you to make small installments over the finance period — similar to a lease.
The bottom line
BMW Financial Services has a very convenient online platform that can help you find a vehicle easily. Further, you can apply from home and reduce the time spent at the dealership.
But don’t forget to shop around with at least two other finance companies. There are many more out there that will compete for your business.
By using SuperMoney’s personalized auto loan engine, you can get quotes from multiple vetted lenders within two minutes, without hurting your credit score.
You will be able to view the offers side-by-side and compare the companies. Many are third-party lenders, which are not affiliated with any dealerships.
If approved, they will lend you the money, and you can buy from a private owner or a dealer. Further, you can approach the transaction with the power of a cash buyer, giving you more leverage in negotiations.
So, start by getting a quote from our auto loan tool to see how it stacks up against the competition. By doing so, you’ll be able to compare offers easily and ultimately find the best deal for your situation.
Jessica Walrack is a personal finance writer at SuperMoney, The Simple Dollar, Interest.com, Commonbond, Bankrate, NextAdvisor, Guardian, Personalloans.org and many others. She specializes in taking personal finance topics like loans, credit cards, and budgeting, and making them accessible and fun.